Studying abroad is expensive, and Canada is no exception. Beyond tuition, rent, and groceries, there’s the constant headache of figuring out how to manage money in a new country. Cash isn’t king the way it once was; debit cards, e-transfers, and mobile apps are essential. That’s why most international students quickly realize that opening a Canadian bank account is not just useful—it’s practically required.
But here’s the catch: not all banks treat international students the same way. Some seem welcoming, offering no-fee accounts and perks to make the transition smoother. Others may look generous on paper but hide fees behind the fine print. And then there’s the question of accessibility—branches and ATMs matter when you’re running low on cash and can’t afford extra charges.
So, which banks really make life easier for international students? The list below looks at five of the biggest players in Canada and how they handle student accounts. Keep in mind, the “best” bank depends on your habits. Someone who transfers money often might value low wire fees, while another who just wants convenience could care more about ATM access.
1. Royal Bank of Canada (RBC)
RBC is often the first bank international students hear about, partly because it has the largest presence in Canada. Its student account, called the RBC Advantage Banking for Students, is free as long as you’re enrolled in school. That means no monthly fee—a good start.
What makes RBC particularly attractive is the ease of setting up an account before arrival. Students can sometimes open their accounts from overseas, so they land in Canada with banking already sorted. Not every bank allows that.
Another big plus is the perks they throw in. For example, RBC sometimes partners with companies like DoorDash or gives cash bonuses to new student account holders. These promotions change, but they tend to target students who are likely to use food delivery or streaming services.
Of course, there are downsides. RBC gives you a certain number of free debit transactions each month—say, 25—and charges for extras. If you’re the type to tap your card for every coffee, you might find yourself racking up small fees. Some students also complain that RBC’s wire transfer fees can be higher than expected, which is frustrating if you rely on family sending money from abroad.
Still, with its huge network of ATMs and branches, plus strong online banking, RBC feels like a safe and practical choice for newcomers.
2. Scotiabank
Scotiabank positions itself as a “student-friendly” bank, especially for internationals. Its Student Banking Advantage Plan is popular because it offers unlimited debit transactions with no monthly fee. For students who don’t want to think about how many times they tap their card, this unlimited feature can be a relief.
Another selling point is Scotiabank’s Scene+ rewards program. Every time you use your debit card, you can earn points that go toward free movie tickets, groceries, or even travel discounts. It may not seem like much, but when you’re living on a tight budget, shaving a few dollars off a grocery bill or treating yourself to a night out at the movies without paying full price is pretty appealing.
What international students often notice, though, is Scotiabank’s strong presence in Toronto, Vancouver, and other big cities. In smaller towns, it may not be as convenient. And while the Scene+ program is nice, it mostly benefits people who spend a lot on eligible purchases. If your spending is mostly rent and tuition, the rewards can feel underwhelming.
On balance, Scotiabank may work best for students who expect to use their debit card daily and like the idea of a reward system baked into ordinary transactions.
3. TD Canada Trust
TD is known for being customer-service focused, with many branches open later than other banks. That detail, which might sound minor, is surprisingly useful when you’re juggling classes and only remember at 6:30 p.m. that you need to talk to a banker.
The TD Student Chequing Account also comes with no monthly fee and unlimited transactions, which makes it competitive with Scotiabank. Where TD stands out is in its integration with mobile banking tools. Its app is one of the most highly rated among the big banks, and for many students who prefer handling money digitally, that’s a real advantage.
International students may also appreciate TD’s strong ties to U.S. banking. Because TD is a major player in the United States too, transferring money or using TD ATMs across the border is smoother. That’s particularly handy if you travel to the U.S. during school breaks or have family there.
That said, TD’s promotions for new students are usually less flashy than RBC or Scotiabank. You’re unlikely to get free subscriptions or a pile of bonus points. It’s more about stability and reliable service. Some students argue that TD’s wire transfer fees are not the cheapest either, so if you rely on frequent international transfers, you may need to compare carefully.
4. Bank of Montreal (BMO)
BMO is often described as the “quiet competitor.” It doesn’t always dominate the advertising space, but its Performance Student Chequing Account is solid. Like others on this list, it has no monthly fee for students, and it includes unlimited transactions.
Where BMO shines is in foreign exchange services. International students who need to convert money from home currency to Canadian dollars often find BMO’s rates slightly more favorable. The bank also has partnerships with international institutions, which can make wire transfers smoother.
Another practical perk: BMO has ATMs in many 7-Eleven convenience stores across Canada. It sounds trivial, but for a student in a smaller town or a suburban neighborhood, knowing there’s always an ATM within walking distance can be a big deal.
The trade-off is that BMO’s digital platforms sometimes feel less polished compared to TD or RBC. Students who are used to sleek mobile apps may find BMO’s interface a bit clunky. The customer service reviews also vary more widely—some branches are praised for being extremely supportive, while others less so.
Still, if you’re looking for a bank that makes it a bit easier (and possibly cheaper) to bring money from abroad, BMO deserves a serious look.
5. Canadian Imperial Bank of Commerce (CIBC)
CIBC rounds out the “Big Five” banks in Canada, and its Smart Account for Students is aimed squarely at making student life simpler. Like the others, it drops the monthly fee for enrolled students and provides unlimited transactions.
One area where CIBC tries to stand out is in international student welcome packages. They’ve been known to offer bonuses such as free Amazon gift cards, transit discounts, or even help with setting up credit cards early on. That credit-building aspect shouldn’t be overlooked—many international students only realize later how important it is to build a Canadian credit history.
CIBC also has a decent digital banking platform, and some students point out that the bank feels less “corporate” in its branch interactions. Of course, that depends on the branch you deal with, but it suggests that CIBC may try harder to capture the international student market with a friendlier tone.
On the flip side, CIBC has fewer ATMs compared to RBC or TD. If you’re someone who withdraws cash often, you might find yourself paying fees to use “non-CIBC” ATMs. And while promotions are nice, they don’t always outweigh the day-to-day convenience factor.
What About Credit Unions or Online Banks?
The five banks above dominate the Canadian landscape, and most international students stick with them because they’re reliable, recognized, and well-integrated with immigration paperwork. That said, some students eventually branch out to credit unions or digital-only banks like Tangerine or Simplii Financial.
Credit unions sometimes offer lower fees or better interest rates on savings, but they’re usually regional, not national. If you move from one province to another, the convenience may disappear. Digital banks, on the other hand, have sleek apps and good deals, but lack physical branches. For a newcomer, having a branch you can walk into and talk to a human being often outweighs a slightly better rate.
How to Choose the Right Bank for You
Picking a bank isn’t just about the “top five.” It’s about your habits. Here are a few things to weigh before making the choice:
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How often do you use cash? If you withdraw frequently, ATM network size matters.
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Do you send or receive money internationally? Pay attention to wire transfer fees and exchange rates.
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Are you forgetful with budgeting? Unlimited transactions may save you from surprise charges.
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Do you want extras? Rewards programs, gift cards, and promotions can sweeten the deal but shouldn’t be the only factor.
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Where are you studying? A bank with lots of branches in Toronto may not be as visible in Halifax or Saskatoon.
Sometimes the best strategy is to start with one of the big banks for convenience, then later open a secondary account with a digital bank or credit union once you feel settled.
Final Thoughts
No single Canadian bank is perfect for every international student. RBC wins for sheer size and convenience, Scotiabank for unlimited transactions and rewards, TD for customer service and cross-border links, BMO for better foreign exchange, and CIBC for credit-building perks.
The trick is not to get dazzled by sign-up promotions alone. Free gift cards are nice, but day-to-day usability matters more. Talk to other students at your university, ask about hidden fees, and don’t be afraid to switch if your first choice doesn’t feel right. After all, banking—much like studying abroad—is about finding what actually works for you in practice, not just what sounds good on paper.